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Anger and shock sweep Cyprus

Cypriots hold placards during a protest against an EU bailout deal outside the parliament in Nicosia on March 18, 2013.

Imagine you wake up in Nicosia, Cyprus  Saturday morning, you take a quick look at the headlines and realize you're about to have 3, 6, or maybe 10 percent less money in the bank.

That's pretty much what happened to 70-year-old Andreas Moyseos. He was hit with the news over the weekend that the Cypriot government planned to take a percentage of the savings in his bank account.

Moyseos is a retired electrician and now lives on retirement benefits. The tax -- should it go through -- will amount to about $4,000 of his own money.

"My first reaction was anger. I don't think this action is correct. It will not correct the economy. It will create more problems. I thinks it's a robbery this kind of action," said Moyseous.

About the author

Kai Ryssdal is the host and senior editor of Marketplace, public radio’s program on business and the economy.
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Maybe, Just Maybe this is the cure for too big to fail, too big to jail!!
If all who invest in, save in, all who's has or makes money with a bank could lose that money every time the bank lost that money.
Then the bank would have to show each individual investor and saver what risks they took with other people's money.
The onus would be place on individuals to keep track of their money. to safeguard their own capital..
We could call this system "moneyism" or better "capitalism".
See...I am keeping track of my stuff! My bank just sent me a credit card rule change statement..
What the, It looks like a 20 chapter novel on a half size single piece of paper, three fan folded . What? . . .

Never mind.

Funny. When countries get in trouble, they pull out one from Argentina's economic history books. Do you know how many times bank savings took a hit in Argentina?
They did it to penalize Russian "investors", but - of course - the real loosers are the locals.... Who were benefitting from a system where deposits where 7 times the national economy? Why there always "regulators" that allow financial bubbles that look like "russian roulette" games?
But the answer is always the same: the small guy's savings, the retired pensions, main street... Those are always the loosers when the music stops...

Funny. When countries get in trouble, they pull out one from Argentina's economic history books. Do you know how many times bank savings took a hit in Argentina?
They did it to penalize Russian "investors", but - of course - the real loosers are the locals.... Who were benefitting from a system where deposits where 7 times the national economy? Why there always "regulators" that allow financial bubbles that look like "russian roulette" games?
But the answer is always the same: the small guy's savings, the retired pensions, main street... Those are always the loosers when the music stops...

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